Stitch Fix (NASDAQ:SFIX) Given New $6.00 Price Target at Canaccord Genuity Group

Stitch Fix (NASDAQ:SFIX) had its price target hoisted by investment analysts at Canaccord Genuity Group from $5.00 to $6.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential downside of 12.15% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Telsey Advisory Group increased their target price on Stitch Fix from $4.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday. UBS Group increased their target price on Stitch Fix from $2.80 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, Stitch Fix has an average rating of “Hold” and an average target price of $3.87.

Stitch Fix Trading Up 48.5 %

Stitch Fix stock traded up $2.23 during midday trading on Wednesday, reaching $6.83. The stock had a trading volume of 17,559,853 shares, compared to its average volume of 1,956,306. Stitch Fix has a 12 month low of $2.06 and a 12 month high of $6.87. The company has a market capitalization of $866.30 million, a P/E ratio of -6.32 and a beta of 1.99. The company has a fifty day moving average price of $3.57 and a two-hundred day moving average price of $3.69.

Stitch Fix (NASDAQ:SFIX) last announced its earnings results on Tuesday, December 10th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. Stitch Fix had a negative return on equity of 40.62% and a negative net margin of 9.63%. The firm had revenue of $318.82 million for the quarter, compared to the consensus estimate of $306.88 million. During the same quarter in the previous year, the business earned ($0.30) EPS. The company’s revenue was down 12.6% compared to the same quarter last year. On average, equities research analysts predict that Stitch Fix will post -0.61 earnings per share for the current fiscal year.

Institutional Trading of Stitch Fix

Several institutional investors have recently added to or reduced their stakes in SFIX. Caprock Group LLC purchased a new stake in Stitch Fix in the third quarter worth about $33,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Stitch Fix in the third quarter worth about $36,000. Meeder Asset Management Inc. purchased a new stake in Stitch Fix in the third quarter worth about $44,000. Baader Bank Aktiengesellschaft purchased a new stake in Stitch Fix in the second quarter worth about $46,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Stitch Fix in the second quarter worth about $48,000. 71.04% of the stock is currently owned by hedge funds and other institutional investors.

About Stitch Fix

Stitch Fix, Inc sells a range of apparel, shoes, and accessories for men, women, and kids through its website and mobile application in the United States and the United Kingdom. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags under the Stitch Fix brand. The company was formerly known as rack habit inc.